AvalonBay associates, officers and directors will not:

• Hold investor one-on-one meetings or provide community tours during the Company’s quiet period which will normally begin 10 business days prior to the quarterly earnings release and end when quarterly results are released.
• Comment on any material items that have not been previously publicly disclosed through broad disclosure.

To the extent deemed desirable, but only if such disclosure is consistent with then applicable federal securities law, AvalonBay Communities will:

• Announce material information publicly through one or more of the following: a well-publicized and broadly disseminated press release; a conference call or webcast whose date, time, purpose and access information have been well publicized through a broadly disseminated press release; and/or a Form 8-K or other filing with the SEC. In all events, a press release will be issued to the extent required for compliance with the rules of the New York Stock Exchange.
• Continue to hold investor one-on-one meetings, except during quiet periods. The purpose of one-on-one meetings is not to provide new information to members of the investment community. Rather, the purpose is to enable the analyst/investor to conveniently learn or review previously disclosed matters in an informal, oral format that focuses on areas of interest to the analyst/investor.
• Continue to offer community tours, except during quiet periods. The purpose of community tours is not to provide new, previously undisclosed information to the investment community. Rather, the purpose of the tour is to enable the visitor to conveniently tour the facility in a format that reflects the requirements of Regulation FD.